Soy Protein Global Market Report 2022: Rising Demand for Meat Substitutes Bolsters Sector

DUBLIN, April 11, 2023 /PRNewswire/ -- The "Soy Protein Market, By Product Type, By Form, By Application, By Distribution Channel, and By Region Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

The global market for soy protein had a size of USD 6.56 billion in 2021 and is predicted to experience a revenue CAGR of 9.8% during the forecast period.

The market's revenue growth is propelled by several factors, including an increasing number of fitness enthusiasts and a trend toward healthy eating habits.

Additionally, the market is driven by a growing working population and a rise in the number of vegans. Soy protein is a complete source of protein found in soybeans, containing 90% protein, and helps with weight loss, muscle building, and energy increase. Soy protein is comparable to animal proteins like eggs, chicken, and dairy products and caters to the protein requirements of vegans, vegetarians, and flexitarians.

Consumer awareness of the benefits of soy protein is increasing, which is expected to positively impact market revenue growth. Soybeans contain fiber, zinc, iron, calcium, B vitamins, and all eight essential amino acids.

Moreover, the trend towards healthy living is boosting the market revenue growth as consumers expand their preference for plant-based protein products. Soy protein is a perfect option for those with special dietary needs, such as lactose intolerance, and vegans and vegetarians. Furthermore, consumers are becoming more environmentally conscious and sensitive to animal welfare, leading to a shift to plant-based protein products.

Soy protein is used in a variety of foods, including infant formulas, meat analogs, salad dressings, soups, breakfast cereals, frozen desserts, pet foods, cheeses, pasta, whipped topping, and non-dairy creamer, resulting in its rapid adoption by consumers. Additionally, the market share of the product is expected to rise in response to growing concern for pet health and increasing pet ownership. Finally, research indicates that consuming soy protein alongside physical activity is essential for maintaining a healthy quality of life, and organizations such as the Indian Council of Medical Research recommend a daily protein intake of 0.8 to 1g per kg of body weight for the average adult.

Market Dynamics:
Driver:More people are seeking meat substitutes and growing trends in health and wellness

The market for soy protein is being driven by the increasing demand for meat substitutes and the growing trend towards health and wellness. Soy protein is commonly used as a substitute for animal protein in the production of meat replacements due to its superior gelation properties and ability to create fibrous structures. As a nutrient-dense source of protein, soy can be consumed multiple times a week, making it an attractive alternative to red and processed meat.

The popularity of sports and the growing number of sports institutions and health and fitness centers is expected to boost demand for soy protein and aid in industry growth. To meet this demand, food outlets and manufacturers are introducing soy protein products into the market. Additionally, the rising demand for food products with longer shelf life, combined with changing lifestyle trends, is expected to drive revenue growth for plant-based products and proteins that have a longer shelf life and can be easily packed.

The increasing incidence of chronic diseases globally has led health organizations and governments to promote awareness and encourage people to include soy protein as a health supplement in their daily routine. Other factors such as rising prices of meat-related products and dairy proteins, increasing vegan population, rapid urbanization, rising disposable incomes, and growing demand for soy-rich foods to reduce the risk of cardiovascular diseases and improve heart health are expected to drive revenue growth of the market going forward.

Restraint: Issues related to hormonal imbalances

Soy protein and soy protein powder contain phytates that can reduce the body's ability to absorb minerals, leading to health issues related to mineral deficiencies. Isoflavones found in soy also act as goitrogens, which can interfere with thyroid function and influence the production of hormones. Additionally, soy protein contains phytoestrogen, which has estrogen-like qualities and can bind to estrogen receptors in the body. Overconsumption of soy protein may disrupt the body's normal hormone balance.

Some Key Takeaways
Product Type

The global soy protein market is divided into four product types: soy protein isolates, soy protein concentrates, textured soy protein, and soy flour, grits, and chunks.

Soy protein isolates are expected to be the largest revenue generator due to their high protein content, low-fat content, and absence of cholesterol. They can also help maintain hormone balance, lower the risk of heart disease, breast cancer, and osteoporosis.

Soy protein concentrates are expected to grow rapidly due to their functional performance, sensory quality, and nutrient density. They are used in many fabricated food systems and can be combined with other protein sources. The meat and animal feed industries are expected to drive revenue growth for this segment.

Form:

The global soy protein market is segmented by form, which includes powder, ready-to-drink, bars, capsules & tablets, and others.

Soy protein bars are gaining popularity among athletes and non-athletes as they provide health benefits and convenience. They are available in various flavors and sold at grocery stores. This segment is expected to grow rapidly.

Soy protein powder contains all essential amino acids, making it a high-quality complete protein for vegetarians. It has low-fat content and good fats that can help reduce cholesterol. This segment is expected to grow steadily.

Application:

The global soy protein market is divided by application into feed and food.

The food segment is expected to grow rapidly, driven by dairy replacements, infant foods, bakery & confectionery, meat alternatives, functional foods, and others. Soy protein can reduce fat, increase protein content, and improve baking properties in baked goods. It can also increase moisture retention, improve crust color, and extend shelf life. This segment is also used in the formulation of low-cholesterol baked goods.

Distribution Channel:

The global soy protein market is segmented by distribution channels, including specialty stores, convenience stores, e-commerce/online sale channels, and supermarkets/hypermarkets.

The e-commerce/online sale channel segment is expected to grow rapidly due to its one-touch buy product facility, improved customer experience, and technological improvements. The COVID-19 pandemic has also increased sales in this segment due to lockdowns and store closures. High penetration of the online retail and e-commerce sector due to government initiatives has also contributed to this growth.

Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Soy Protein Market Segmentation & Impact Analysis
4.1. Soy Protein Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. More people are seeking meat substitutes
4.2.2.2. Government support for organic farming
4.2.2.3. Growing trends in health and wellness
4.2.2.4. Growing demand from the food & beverage industry
4.2.3. Market restraints analysis
4.2.3.1. High Preference for animal protein
4.2.3.2. Hormonal imbalances-related issues
4.2.3.3. Fluctuating prices for raw materials
4.2.3.4. High demand for soy-free products

Chapter 5. Soy Protein Market By Product Type Insights & Trends

Chapter 6. Soy Protein Market By Form Insights & Trends

Chapter 7. Soy Protein Market By Application Insights & Trends

Chapter 8. Soy Protein Market By Distribution Channel Insights & Trends

Chapter 9. Soy Protein Market Regional Outlook

Chapter 10. Competitive Landscape

Chapter 11. Company Profiles

Companies Mentioned

• Wilmar International Ltd
• The Nisshin OilliO Group Ltd.
• Patanjali Foods Ltd.
• Ag Processing Inc a cooperative
• Devansoy Inc.
• Cargill Incorporated.
• DuPont
• ADM
• Kerry Group plc.
• CHS Inc.

For more information about this report visit https://www.researchandmarkets.com/r/2vsh1n

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